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July 30, 2019

Beyond Meat exceed expectations in second-quarter results

Plant-based meat substitute producer Beyond Meat has reported an increase in net revenue of 287% from $17.4m to $67.3m year-on-year for its second-quarter results ending 29 June 2019.

By Rosie Lintott

Plant-based meat substitute producer Beyond Meat has reported an increase in net revenue of 287% from $17.4m to $67.3m year-on-year for its second-quarter results ending 29 June 2019.

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Gross profit increased to $22.7m from $2.6m due to an increase in the amount of products sold leading to operating leverage and improvements in production efficiency, as well more gross revenue coming from its fresh platform.

The company saw an income of $2.2m from operations for 2019 compared with a $7.3m loss from operations in the previous year. The improvement was driven by a year-on-year increase in net revenues, which resulted in an increase in gross profit, as well as the continued investment in innovation and marketing capabilities supporting the increase in income from operations.

Beyond Meat CEO and president Ethan Brown said: “We are very pleased with our second-quarter results, which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad.

“Looking ahead, we will continue to prioritise efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.”

Adjusted EBITDA also saw an improvement to $6.9m for 2019 compared with a loss of $5.6m for the same period in 2018.

Beyond Meat chief financial officer and treasurer Mark Nelson said: “We are pleased with the positive level of Adjusted EBITDA we achieved in the second quarter. The early benefits we are seeing on cost productivity across our supply chain and manufacturing network, in conjunction with solid demand through our customer partnerships, have helped deliver these strong gross margin and operating margin results.”

Beyond Meat expects its full-year results for 2019 to surpass $240m in net revenues and for adjusted EBITDA to be positive compared to previous expectations to break-even.

Free Report
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Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
  • Understand the current market dynamics of the Meat and Meat Alternatives Sector
  • Assess strategies implemented by companies to better penetrate the market
  • Understand the key themes in the market that these companies and their respective products appear to be targeting
  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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